Pay-ins
A facility shall be available on N-MASS for members to provide confirmation from their clearing banks regarding their funds pay-in obligations on settlement day before prescribed pay-in time.
- Members can request for funds pay-in confirmations from the clearing bank on settlement day using the online facility provided to Members/Custodians.
- Members can request confirmation of full funds pay-in obligations from the clearing bank for the settlement due on the current day. If the members/custodians have already provided any early pay-in of funds prior to settlement day then they can request confirmation of balance funds pay-in obligation. The funds pay-in amount (after considering early pay-in, if any) is automatically populated on selection of settlement number & settlement type.
- The clearing bank is required to provide the amount confirmed to Clearing Corporation towards funds pay-in at the stipulated time of funds pay-in for the settlement.
- On confirmation by the clearing bank it is considered as fulfillment of funds pay-in obligation for the purpose of margin release. Margins shall be released for the settlement for which members have fulfilled their funds pay-in obligations as well as securities pay-in obligations before the prescribed pay-in time.
Exemption upon early pay-in of securities
In cases where early pay-in of securities is made prior to the securities pay-in, such positions for which early pay-in (EPI) of securities is made shall be exempt from margins. The benefit of EPI shall be provided to the respective clients as per details provided by the respective depositories to the settlement system of NCL.
Further members can make EPI of securities even before execution of trade and provide details of clients to whom such EPI shall be allocated to ensure that on execution of trade the benefit of EPI is available to the respective clients. However, such benefits shall be subject to receipt of securities from depositories in the settlement system of NSE Clearing.
Exemption upon early pay-in of funds
- In cases where early pay-in of funds is made prior to the funds pay-in, such positions for which early pay-in (EPI) of funds is made shall be exempt from margins subject to bank confirmation.
- Members shall make early pay-in funds through a screen-based request in N-MASS. The facility for making early pay-in of funds will be separate from the facility of allocation of the early pay-in of funds which can be done either through Screen based request or file upload.
- Members may provide early pay-in of funds from any of their settlement accounts.
- Early pay-in of funds may be allocated at client level or at client-security level. The allocation can be revised through a screen-based request or through the file upload facility in the specified format.
- Members can make early pay-in of funds along with details of client-security allocation before execution of a trade and shall be able to avail benefit of early pay-in of funds on execution of the trade.
- Where no allocation is made, Early pay in of funds would be allocated against the clients in the descending order of their net buy value of outstanding positions.